Tenants get £40 boost to open jam jar accounts
Published by Jon Land for 24dash.com in Housing and also in Finance
Tenants to get £40 boost to open jam jar accounts
A housing association is offering its tenants financial incentives to open up jam jar accounts.
Walsall Housing Group (whg) is encouraging its residents to embrace the specialised accounts by offering to pay Walsave Credit Union's combined admin and set-up costs of £23.
On top of that, the Group is also offering to place £10 into the saving element of the account, and - if the user keeps a clear rent account - add another £5 to the savings fund.
Jam jar accounts' money-management feature allows users to divide their savings into 'jars' for different outgoings, such as rent, bills and spending.
The account holder decides how much money goes into each by working out how much is needed for rent and bills and how much is left over.
Mark Causer, welfare reform technical specialist at whg, said: "We want to ensure that customers affected by the wide-sweeping changes to benefit payments are firstly aware of the impact on their income, and secondly have the tools to prepare for it.
"We want to reward those who make positive financial choices to protect themselves, their home and their families."
whg - which manages 19,000 homes across the West Midlands - has also made a bedroom calculator and hired a new team of money mentors to help customers impacted by welfare reform.
To support this work, in the next two months it will talk to every customer affected to make sure they understand what the reforms mean to them.